Investments in Mozambique’s tourism sector total US$740.8 million in 2010

15 March 2011

Maputo, Mozambique, 15 March – Investments in the tourism sector in Mozambique totalled US$740.8 million in 2010, Mozambican news agency AIM reported.

The agency said that the sum was less than in 2007 (US$977.2 million), after which investments in the sector started to fall, with the lowest amount seen in 2009.

In 2008, investments in the sector totalled US$739.6 million and fell to US$615.9 million the following year.

The agency cited officials from the sector as saying that the drop seen in investment was likely due to the world financial crisis, as foreign investors had been affected by the problem and were forced to rethink their expansion plans.

The year on year rise of 20.3 percent seen in 2010 was likely to have occurred, according to AIM, following a change to the Fiscal Benefits (Tax Break) Code, which aimed to make the country more attractive to investors.

In 2010, the country netted revenues of US$197.3 million from international tourism, by receiving 1.7 million tourists, who remained in the country for an average of seven days and spent 9,500 meticals (US$288) per day. (macauhub)